Envestnet Portfolio Solutions Inc. Raises Position in Copart, Inc. $CPRT

Envestnet Portfolio Solutions Inc. lifted its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 29.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,771 shares of the business services provider’s stock after acquiring an additional 33,999 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Copart were worth $6,690,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. GC Wealth Management RIA LLC purchased a new position in Copart in the second quarter worth approximately $219,000. Shell Asset Management Co. increased its position in shares of Copart by 6.7% in the 2nd quarter. Shell Asset Management Co. now owns 167,910 shares of the business services provider’s stock valued at $8,239,000 after purchasing an additional 10,559 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Copart by 3.5% in the 2nd quarter. Nordea Investment Management AB now owns 753,973 shares of the business services provider’s stock valued at $36,153,000 after purchasing an additional 25,564 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Copart by 89.0% during the 2nd quarter. California Public Employees Retirement System now owns 2,548,275 shares of the business services provider’s stock worth $125,044,000 after purchasing an additional 1,200,035 shares during the last quarter. Finally, Lord & Richards Wealth Management LLC grew its stake in shares of Copart by 32.6% during the second quarter. Lord & Richards Wealth Management LLC now owns 34,245 shares of the business services provider’s stock worth $1,680,000 after purchasing an additional 8,413 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on CPRT shares. Barclays reaffirmed an “underweight” rating and set a $33.00 price target (up from $32.00) on shares of Copart in a report on Friday, November 21st. JPMorgan Chase & Co. dropped their price target on shares of Copart from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Monday, November 24th. CJS Securities upgraded shares of Copart to a “strong-buy” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Copart in a research note on Wednesday, October 8th. Finally, Robert W. Baird decreased their price objective on shares of Copart from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, November 21st. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Copart presently has a consensus rating of “Moderate Buy” and an average target price of $47.60.

Copart Price Performance

Copart stock opened at $41.40 on Friday. The business has a 50 day simple moving average of $39.53 and a 200-day simple moving average of $43.57. Copart, Inc. has a 12 month low of $37.41 and a 12 month high of $63.85. The stock has a market capitalization of $40.08 billion, a PE ratio of 25.24 and a beta of 1.10.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, November 20th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. Copart had a net margin of 34.24% and a return on equity of 17.78%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the company posted $0.37 EPS. Copart’s revenue was up .7% compared to the same quarter last year. As a group, equities research analysts anticipate that Copart, Inc. will post 1.57 EPS for the current year.

Insider Activity

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the transaction, the chief executive officer owned 55,970 shares in the company, valued at approximately $2,248,314.90. The trade was a 30.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas N. Tryforos sold 100,000 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total value of $3,907,000.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 9.60% of the company’s stock.

Copart Profile

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.